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Marketing: Building Profitable Customer Connections

BUSN

LEARNING OUTCOMES

BUSN8 | CH11

Discuss the objectives, the process, and the scope of marketing

Identify the role of the customer in marketing

Explain each element of marketing strategy

Describe the consumer and business decision-making process

Discuss the key elements of marketing research

Explain the roles of social responsibility and technology in marketing

BUSN8 | CH11

Marketing

Organizational function and a set of processes for:

Creating, communicating, and delivering value to customers

Managing customer relationships in ways that benefit the organization and its stakeholders

Utility: Ability of goods and services to satisfy these wants

Form utility - Satisfies wants by converting inputs into a finished form

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Marketing

Time utility - Satisfies wants by providing goods and services at a convenient time for customers

Place utility - Satisfies wants by providing goods and services at a convenient place for customers

Ownership utility - Satisfies wants by smoothly transferring ownership of goods and services from seller to buyer

Scope of marketing

People and place marketing

Event and idea marketing

Exhibit

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11.1 The Evolution of Marketing

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Customer Relationship Management (CRM)

Ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value

Customer satisfaction: When customers perceive that a good or service delivers value above and beyond their expectations

Customer loyalty: When customers buy a product from the same supplier again and again

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Marketing Plan

Formal document that defines marketing objectives and the specific strategies for achieving those objectives

Market segmentation: Dividing potential customers into groups of similar people, or segments

Exhibit

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11.2 Marketing Strategy

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Marketing Strategy

Target market: Group of people who are most likely to buy a particular product

Consumer marketers (B2C): Direct their efforts toward people who are buying products for personal consumption

Business marketers (B2B): Direct their efforts toward people who are buying products to use either directly or indirectly to produce other products

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Segmentation

Consumer market segmentation

Demographic

Geographic

Psychographic

Behavioral

Business market segmentation

Geographic

Customer-based

Product-use-based

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Marketing Mix

Blend of marketing strategies for:

Product

Price

Distribution

Promotion

Exhibit

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11.5 Elements That Influence the Consumer Decision-Making Process

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Business Buyer Behavior

Describes how people act when they are buying products to use directly or indirectly to produce other products

Decision-making process is based on the purchasing training and application of rational criteria

Business buyers seek highly customized goods, services, and prices

BUSN8 | CH11

Marketing Research

Process of gathering, interpreting, and applying information to uncover opportunities and challenges, and to make better decisions

Secondary data: Existing data that marketers gather or purchase for a research project

Primary data: New data that marketers compile for a specific research project

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Marketing Research

Primary research

Observation: Does not require the researcher to interact with the research subject

Survey: Requires the researcher to interact with research subject

Exhibit

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11.6 Research Data Comparison

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Social Responsibility and Technology

Social responsibility

Green marketing: Development and promotion of products with ecological benefits

Technology

Mass customization: Creation of products tailored for individual consumers on a mass basis

SUMMARY

BUSN8 | CH11

Marketing is an organizational function and a set of processes for:

Creating, communicating, and delivering value to customers

Managing customer relationships to benefit the organizations and the stakeholders

CRM is an ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched values

SUMMARY

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Elements of marketing strategy includes product, price, distribution, and promotion

Consumer behavior refers to how people act while buying products for their personal consumption

Business buyer behavior refers to how people act while buying products to produce other products

SUMMARY

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Key elements of marketing research include data and research tools

Social responsibility movement demands marketers to actively contribute to the needs of broader community

Technology has influenced marketing by shifting the power from producers to consumers

KEY TERMS

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Marketing
Utility
Marketing concept
Customer relationship management (CRM)
Value
Customer satisfaction
Customer loyalty
Marketing plan
Market segmentation

Target market
Consumer marketers (business-to-consumer or B2C)
Business marketers (business-to-business or B2B)
Demographic segmentation
Geographic segmentation

KEY TERMS

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Psychographic segmentation
Behavioral segmentation
Marketing mix
Environmental scanning
Market share
Consumer behavior
Cognitive dissonance
Business buyer behavior
Marketing research

Secondary data
Primary data
Observation research
Survey research
Green marketing
Mass customization

BUSN8 | CH11